GBPUSD rebounds from 1.2700 level; Dollar softens

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Sterling staged a modest rebound against the Dollar today despite Brexit related uncertainty pushing investors away from the currency. The primary driving force behind the GBPUSD’s upside is likely based on a depreciating US Dollar. With the greenback seen extending losses ahead of the US jobs report on Friday, this has the potential to send the GBPUSD towards 1.2800 in the near term. Technical traders with an appetite for longer timeframes will continue observing how the GBPUSD trades within the 500-pip range on the weekly charts. There is a strong support at 1.2700 while resistance can be… Read More

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